Shinhan Financial Group Finalizes Shortlist for Next Chairman: 4 Internal, 1 External Candidate

Inside Shinhan: Cho Yong-byeong, Jin Ok-dong, Lim Young-jin, Heo Young-taek... Outside, Hana Financial's Kim Byung-ho

[Asia Economy Reporter Yu Je-hoon] Shinhan Financial Group has finalized the shortlist of candidates for the next chairman. The shortlist includes five candidates: four internal executives, including Chairman Cho Yong-byeong, who is likely to serve a third term, and one external candidate.

According to financial sources on the 29th, the Shinhan Financial Group Chairman Candidate Recommendation Committee held a meeting last night and selected five individuals for the next chairman shortlist: Chairman Cho, Shinhan Bank President Jin Ok-dong, Shinhan Card CEO Lim Young-jin, Shinhan Financial Group Chief Management Officer (CMO) Vice President Heo Young-taek, and former Hana Financial Group Vice Chairman Kim Byung-ho.

The Candidate Recommendation Committee is a board committee formed to discuss matters related to the nomination of the representative director chairman candidates. It currently consists of seven outside directors: Chairman Seong Jae-ho, Kwak Soo-geun, Bae Hoon, Lee Yong-guk, Lee Yoon-jae, Jin Hyun-duk, and Choi Jae-bung. The committee typically goes through procedures such as candidate recommendation, shortlist announcement, and final interviews to decide the final candidate. The final candidate will serve a three-year term after approval at the shareholders' meeting.

Among the five candidates on the shortlist, the four internal candidates have long been regarded as strong contenders for the chairman position both inside and outside Shinhan Financial Group. Chairman Cho is highly evaluated for not only elevating Shinhan Financial to the status of a 'leading bank' through consecutive performance improvements but also completing the portfolio as a comprehensive financial company through acquisitions such as Shinhan Life and Shinhan EZ Insurance, making a third term highly likely. In particular, Chairman Cho was acquitted by the Supreme Court in June of allegations related to recruitment irregularities, thereby eliminating judicial risks.

Other internal candidates, President Jin and CEO Lim, have also led performance improvements at Shinhan Bank and Shinhan Card, respectively. Both CEOs are considered strong candidates for promotion to vice chairman if the position is newly established within Shinhan Financial Group following Chairman Cho’s reappointment. CMO Heo Young-taek is also a potential candidate for promotion if the number of vice chairman positions increases.

The sole external candidate, former Vice Chairman Kim, is classified as a traditional 'Hana man' from Korea Investment & Finance. He has held positions such as head of Hana Bank’s management team, New York branch manager, head of the holding company establishment planning team, CFO of Hana Financial Group, and Hana Bank president. He was also a key figure in the acquisition battle for Korea Exchange Bank. Recently, he moved to become the president of Ho Chi Minh City Development Bank in Vietnam. Kim was also on the KB Financial Group chairman shortlist in 2020.

According to Shinhan Financial Group’s chairman appointment procedure, the remaining steps are the final interviews and the selection of the final candidate. Accordingly, the Candidate Recommendation Committee is expected to select the final candidate after conducting interviews next week. A Shinhan Financial Group official stated, "It is true that the committee has outlined the shortlist," adding, "However, the participation of each candidate in the interviews has not yet been decided."

This content was produced with the assistance of AI translation services.